IAC sees profits flat in third quarter

(Reuters) - "Given the challenges of the first half, it's a virtual certainty that we won't tally the year at the double-digit rate we had aspired to," IAC Chief Financial Officer Thomas McInerney said on a conference call with analysts. McInerney said HSN's gross margins are expected to decline in the third quarter from a year ago, due to inventory levels, but the drop should be smaller than in the second quarter.



He said that a decline in second-quarter U.S. sales for IAC's Ticketmaster box office service isn't expected to continue in the third quarter.


Read more at Reuters.com Bonds News

Asia-Pacific Ministers May Say Their Economies Can Weather Market Turmoil

(Bloomberg) -- Asia-Pacific finance ministers, meeting
in Australia this week, may say the world economy is strong enough
to weather recent financial-market turmoil that drove the cost of
borrowing higher for companies.

Japan's Koji Omi, China's Jin Renqing and South Korea's Kwon
Okyu are among ministers of the 21-member Asia Pacific Economic
Cooperation group who will meet in Coolum, Australia, on Aug. 2 and
3. U.S. Treasury Secretary Henry Paulson will be represented by
Deputy Secretary Robert Kimmitt.


Read more at Bloomberg Emerging Markets News

Singapore's Straits Times Index Advances, Led by CapitaLand, Developers

(Bloomberg) -- Singapore's stocks rose after the
government said it probably won't intervene in the property
market and CapitaLand Ltd., the country's largest developer,
posted a five-fold surge in second-quarter profit.

Keppel Land Ltd. advanced after it sold a stake in a
downtown office tower to its property trust. SC Global
Developments Ltd. climbed after the builder of luxury homes won a
site in a gated community in Singapore's Sentosa resort island.


Read more at Bloomberg Stocks News

Iran Doesn't Back OPEC Output Increase in September, Ministry Agency Says

(Bloomberg) -- Iran, the second-largest producer in
OPEC, doesn't support an increase in oil production at the
group's next meeting because high prices are being caused by
geopolitical issues and U.S. gasoline shortages, Shana reported.

Iran won't favor a production increase if the oil market
situation remains the same, the Tehran-based oil ministry press
agency said, citing Oil Minister Kazem Vaziri-Hamaneh.


Read more at Bloomberg Energy News

Australian Wool Prices May Fall as China Stops Applications for Imports

(Bloomberg) -- Wool prices in Australia, the
world's biggest producer and exporter of the fiber, may fall
after China's government stopped taking import applications,
according to a grower-owned forecaster.

``There is talk of price falls of between 5 and 10
percent,'' said Chris Wilcox, the chief economist at Woolmark
Co., in an interview from Melbourne. ``The fears are that mills
that want to buy wool won't be able to get access to a quota to
be able to import wool.''


Read more at Bloomberg Commodities News

Turkish Lira, Stocks Climb After Erdogan's Justice Party Wins Re-Election

(Bloomberg) -- Turkish stocks, bonds and the lira
gained after voters re-elected Prime Minister Recep Tayyip
Erdogan, giving him a mandate to extend policies that won European
Union membership talks and helped bring 21 quarters of growth.

The ISE National 100 Index rose 3.8 percent to 54,966.6 as of
9:56 a.m. The lira rose 1.58 percent, trading at 1.253 to the
dollar. Yields on lira-denominated bonds fell 27 basis points to
17.19 percent, their lowest in 13 months, according to ABN Amro
benchmark prices. A basis point is 0.01 percentage point.


Read more at Bloomberg Currencies News

LG Elec shares surge on strong earnings

(Reuters) - "News of Motorola's loss certainly helped LG shares as it highlights its handset margin, which came in higher than competitors," said Kevin Lee, an analyst at Woori Investment and Securities.




The world's fifth-biggest mobile phone maker on Thursday posted a second-quarter net profit of 385 billion won , well above analysts' forecasts. LG had posted a loss of 9.7 billion won a year earlier and a 122.6-billion-won shortfall in the previous quarter.


Read more at Reuters.com Business News

Bernanke Prepares Ground for Longest Interest-Rate Freeze in Two Decades

(Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke is preparing the ground for the longest freeze in
interest rates in two decades.

Bernanke, delivering his semiannual economic testimony to
Congress yesterday, presented trimmed forecasts for growth this
year and next because of the prolonged housing recession. At the
same time, he said the ``predominant'' concern is that inflation
won't recede as forecast.


Read more at Bloomberg Bonds News

Barclays Should Abandon ABN Amro Bid, Sanford C. Bernstein Analyst Says

(Bloomberg) -- Barclays Plc should walk away from its
proposed acquisition of ABN Amro Holding NV because it won't be
able to beat a rival bid led by Royal Bank of Scotland Group Plc,
analysts at Sanford C. Bernstein Ltd. said.

``Barclays is going to have to walk away at some point, and
we think they can achieve that in the least damaging way by making
the move now,'' analysts including Antony Broadbent said in an e-
mail to investors today. ``We do not think that Barclays has
widespread shareholder support to enrich its offer.''


Read more at Bloomberg Stocks News

Armor, Stillwater Mining, Coach, Terex, Tyson Foods: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
tomorrow. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

Armor Holdings Inc. (AH US): The military-truck maker won a
$518.5 million order from the U.S. Marine Corps to build blast-
resistant vehicles as the Pentagon speeds their delivery to
protect forces in Iraq. Armor Holdings will make 1,170 of the
trucks under the award, the U.S. Defense Department said in a
statement. The stock was unchanged at $87.38 in regular trading.


Read more at Bloomberg Stocks News

UPDATE 1-Samsung Elec shares up 6 pct on hostile bid report

(Reuters) - Shares received an additional boost after Samsung posted a
smaller-than-expected 5 percent drop in quarterly profit and said
it would issue 73 billion won in interim dividends.
[ID:nSEO93092] [ID:nSEL000039]




The Chosun Ilbo quoted an unnamed high-ranking Samsung
official as saying that the company received information that
U.S. billionaire investor Carl Icahn and other hedge funds were
readying hostile M&A bids for Samsung.


Read more at Reuters.com Mergers News

South Korean Won Rises to Seven-Month High as Stocks Rally; Bonds Fall

(Bloomberg) -- South Korea's won rose to the highest
in seven months against the dollar on speculation overseas
investors increased purchases of the nation's stocks. Bonds
declined.

The currency was poised for a fifth week of gains as stock
exchange data showed funds abroad bought $65 million more Korean
shares than they sold within the first 15 minutes of trading. The
Bank of Korea yesterday boosted benchmark interest rates and said
the increase ``won't be a hurdle'' to the economy, which will
likely grow by more than it previously expected.


Read more at Bloomberg Currencies News

U.S. certifies Virgin America Airlines for service

(Reuters) - Virgin America won regulatory approval of its business plan in May after agreeing to restructure its investor financing -- including millions from Branson's interests -- and promising to replace its chief executive, Fred Reid, to satisfy a U.S. law that limits overseas influence in domestic airlines.




Virgin America will still have a branding and marketing relationship with Branson's Virgin Group, which operates British-based Virgin Atlantic Airways. Some U.S. airlines had opposed Virgin America's entrance, saying Branson would be controlling the airline one way or another.


Read more at Reuters.com Bonds News

Gander Mountain shares rise as decks cleared for online foray

(Reuters) - Gander Mountain was unable to sell anything, be it through catalogs or on their Web sites, as Cabela's had gained ownership of their trademark over a decade ago, Friedman Billings Ramsey analyst Jeffrey Sonnek said by phone.




"Now that they have won the trademark back, you can expect them to get moving with an online presence in the near term," Sonnek added.


Read more at Reuters.com Hot Stocks News

South Korea Won Weakens on Speculation Central Bank May Sell the Currency

(Bloomberg) -- The South Korean won fell on
speculation traders were betting the central bank will sell the
currency to keep the price of exports from rising. Government
bonds declined.

The won has strengthened 1.5 percent over the past month
while the yen has weakened by the same magnitude, putting Korean
export companies at a disadvantage versus their Japanese rivals.
The finance ministry and the Bank of Korea last week warned they
will take action in the market to stem excessive gains after the
currency reached the highest in a decade against the yen.


Read more at Bloomberg Emerging Markets News

Italy's Astaldi wins Algerian rail contract

(Reuters) - Italy's Astaldi has won a 616 million euro contract to build a railway in Algeria, the construction company said on Wednesday.

Algeria's Transport Ministry has awarded Astaldi the contract for a new 120-km (75-mile) line between Sada and Moulay Slissen, the company said.


Read more at Reuters Africa

JGBs fall before auction, little help from tankan

(Reuters) - An initial fall in Tokyo share prices also lent support to
JGBs but the gains proved fleeting, as the tankan kept intact
market expectations for the BOJ to raise interest rates to 0.75
percent from 0.50 percent, perhaps as early as next month.




"It was mixed overall. While it won't justify a rate rise in
July, the chances seem higher that there will be a rate rise in
August," said Mitsumaru Kumagai, chief JGB strategist for Merrill
Lynch.


Read more at Reuters.com Bonds News

EU conditionally OKs Nestle buy of Novartis unit

(Reuters) - BRUSSELS, June 29 - Nestle has won permission, subject to conditions, from the European Commission on Friday to buy the medical nutrition business of Swiss pharmaceutical group Novartis AG for $2.5 billion.



The European Union executive said on Friday it gave the green light after Nestle offered to divest overlapping activities in France and Spain.


Read more at Reuters.com Mergers News

Morgan Stanley May Buy Daewoo Building in Seoul for $1 Billion, People Say

(Bloomberg) -- Morgan Stanley, investing a record $8
billion fund in real estate outside the U.S., is in talks to buy
Daewoo Engineering & Construction Co.'s Seoul headquarters for
about $1 billion, two people with knowledge of the matter said.

Morgan Stanley won exclusive rights to negotiate the
purchase from Kumho-Asiana Group after the New York-based firm
outbid Kookmin Bank, Koramco Reits Management & Trust Co. and
Macquarie Bank Ltd., said the people, who asked to remain
anonymous because the talks are ongoing.


Read more at Bloomberg Emerging Markets News

PIMCO's Gross: "Subprime crisis" not isolated

(Reuters) - Gross, the chief investment officer of Pacific Investment
Management Co., or PIMCO, also said in his July investment
outlook that the crisis would prompt the Federal Reserve to
lower the benchmark interest rate by year-end.




"To death and taxes you can add this to your list of
inevitabilities: the subprime crisis is not an isolated event
and it won't be contained by a few days of headlines in The New
York Times," he said.


Read more at Reuters.com Mergers News